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If you have repeated problems, you need a process!
by Tony Vidler For financial advisory firms the word “process” has become synonymous with “best practice advice”, but good process is so much more than just a compliant and well-documented series of advice documents. Process is what builds franchise businesses. Process is what creates turnkey operations that are highly valued by prospective purchasers. […]
A financial advisers best weapon: The Meeting Agenda
by Tony Vidler One of the most powerful weapons in an advisers armory is the Client Meeting Agenda. Yet, so few use them regularly…. The client meeting agenda sets up the entire professional relationship – not just the next hour or so that you happen to be with a client. In addition; […]
by Tony Vidler Here’s a simple strategy for getting paid fairly for the advice you give….and I mean getting paid for ALL the advice you give…every step of the way. There are broadly three possible parts to any client work: 1. Planning 2. Implementing, or “putting in place” any planning recommendations 3. Ongoing […]
Written Advice: Should it be Clear? or Concise? Or Effective?
by Tony Vidler When it comes to communicating our advice to clients we are guided by the words used by the regulators, or law, to guide us in how that should be framed or delivered. Or we think we do. The written advice, be it financial plans or Statements Of Advice being […]
Your FREE service is a barrier to getting the right business
by Tony Vidler Most professionals at some point offer complimentary initial meetings or consultations with clients as a “free service”. It simply isn’t true, and that in itself prevents the right sort of clients coming your way. The fundamental reason why this just doesn’t cut it with consumers is because they don’t believe it. […]
by Tony Vidler The most challenging area of financial advice which is subject to perpetual testing is the question of “suitability”. WHY was a particular piece of advice appropriate for a particular client? What factors were considered, or even discarded, that led to a particular recommendation as being the right advice? It is an […]
Sanity Check: A Statement Of Advice should be a “statement”
by Tony Vidler When it comes to providing advice in writing to a client there is undoubtedly unnecessary complexity. In fact the proverbial “Statement Of Advice” has become anything but a “statement”. It generally takes the form of a tome… A “tome is a scholarly work…usually large, heavy and laborious in its detail. A […]
Meeting Client Expectations Is In The Clients Interests Too, isn’t it?
by Tony Vidler What constitutes “Best Practice” advice process is a constant work in progress, but it does not develop as rapidly as either technology or client expectations. In fact, there is a distinct probability that the gap between what professionals call best practice advice and what clients expectations are will continue to widen. […]
by Tony Vidler There’s 2 key problems for the robo-advisers: they generally don’t advise, and nor have they evolved enough to substitute for human-to-human communication. Artificial Intelligence may well change all that, but for now it is bad news for robo-advisers as the human consumers still overwhelmingly prefer to communicate with humans in […]
by Tony Vidler Today’s professional knows way too much to be used in any given client meeting or engagement. One of the great skills of the super successful professionals in fact is figuring out what stuff they know which is not useful to any particular client, and then not using it. That shouldn’t […]